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Jim contributes assets with a collective basis of $ 1 2 3 , 0 0 0 and FMV of $ 2 8 4 , 0

Jim contributes assets with a collective basis of $

123, 000

and FMV of $

284, 000

in exchange for

100 %

of the stock of NewCo., a C corporation. NewCo. also assumes Jim's $

161, 000

of business liabilities in this transaction. How much, if any, gain will Jim recognize on this exchange?

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